In one week, 22 companies submitted listing applications to the Hong Kong Stock Exchange: the AI semiconductor industry chain “takes over the headlines,” with star picks such as Avatr included.

Mars Finance News, July 5 — According to disclosures by the Hong Kong Exchanges and Clearing Limited (HKEX), from June 29 to July 4, a total of 22 companies submitted prospectuses to the HKEX, including Shengwei Times, Linktel Technology, Shengjing Netlink, Haipaike (Yangtuo Holdings Inc.), Longxun Semiconductor, Hot Energy Saving, Tongao Testing, Daotong Technology, Keli Co., Ltd., Avita, Wubei Technology, Jiaxuan Intelligent, Olin Bio, Yuanhai International, Silicon-based Flow, Huanneng Design Institute, Senyi Intelligent, Joint Stock Company National Company Kazakhstan Temir Zholy, Liding Semiconductor, Jingze Bio, Hongxinyu, and Jingwang Electronics.

Among the 22 filing companies, 5 A-share listed companies simultaneously knocked on the door of the HKEX, kicking off a new round of “A+H” dual-listing listings. Among them, Jingwang Electronics leads with a market capitalization of 709.49 billion yuan. As a leading PCB company, it recorded revenue exceeding 10 billion yuan every year from 2023 to 2025; over three years, its profit compound growth rate reached 46%. The company has major related-party transactions with Luxshare Precision, and AI-computing-power-driven PCB demand is its core growth logic. Linktel Technology is an optical module leader from Wuhan, and is one of the few global suppliers with vertical integration capabilities across 800G/1.6T optical modules; its latest market capitalization is 387.64 billion yuan. Daotong Technology, Olin Bio, and Longxun Semiconductor come from sub-sectors such as automotive intelligent diagnostics, human vaccines, and high-speed video chips, respectively; all are STAR Market star companies, and their latest market capitalizations are 174.18 billion yuan, 173.19 billion yuan, and 115.62 billion yuan, respectively.

Three companies appeared under the identity of “subsidiary spinoffs.” Wubei Technology is a smart logistics supply-chain service provider for black bulk commodities under Yanzhuang Energy; based on 2025 transaction total value (GTV), it is China’s No. 1 smart logistics platform for the steel and metals industry. Tongao Testing is spun off from Anton Oilfield Services, a company listed in Hong Kong; among professional inspection institutions in China’s oil and gas industry’s TIC integrated solutions market, it ranks second, and it is a leading independent oil and gas TIC service provider. Liding Semiconductor is backed by the global PCB leader Zhen Ding-KY; it mainly focuses on high-end IC substrates such as FCBGA and FCCSP, and based on 2025 revenue, it ranks third among IC substrate manufacturers in mainland China.

Among the 22 companies, AI and semiconductor-related firms account for nearly half. From upstream chip design (Longxun Semiconductor), memory (Hongxinyu), and IC substrates (Liding Semiconductor), to midstream optical modules (Linktel Technology) and PCBs (Jingwang Electronics), and then to AI infrastructure (Silicon-based Flow), the entire AI industrial chain is represented. Among them, Silicon-based Flow has applied for a listing under HKEX Chapter 18C rules for specialist technology companies. It was founded only 34 months ago; its valuation increased by more than 33 times over three years, and its latest valuation is 77.4 billion yuan. Alibaba, Huawei, Meituan, and Innovation Works are all its shareholders, and this time it is targeting the HKEX “No. 1 AI Token factory stock.” Hongxinyu’s revenue exceeded $1 billion in the first 4 months before 2026, and its net profit exceeded $500 million; its net profit surged by more than 30 times. Based on 2025 revenue, it is the world’s fifth-largest independent memory manufacturer and the second-largest independent memory manufacturer in mainland China.

High-heat targets across multiple tracks are assembling at the same time. In the new energy sector, Avita is a scarce HK IPO target in China’s high-end new energy vehicle space. The company was jointly built by Changan Automobile, CATL, and Huawei. From 2023 to 2025, it achieved operating revenues of 56.45 billion yuan, 152 billion yuan, and 256 billion yuan, respectively, with leapfrog growth over three years; however, its loss amount is also increasing further, with accumulated losses of approximately 112 billion yuan over the three years. In the AI medical field, Senyi Intelligent, as China’s largest provider of intelligent hospital medical solution services, has served more than 800 hospitals. Its shareholder roster includes Tencent, Sequoia, IDG, and others. In addition, Joint Stock Company National Company Kazakhstan Temir Zholy is controlled by Kazakhstan’s sovereign wealth fund. It is a state-owned transportation and logistics giant, and an important land transport corridor connecting Central Asia with China and Europe. As a national-level infrastructure enterprise along the “Belt and Road,” its move to push for a listing in Hong Kong has also drawn widespread attention in the market. (Ke Gu Bao Broadcast)